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Case Study

Tambrey Tavern, Karratha - Completed transaction in a 120 day period

The syndicated private owners of this substantial tavern and development site had been trying to sell the asset for some time to facilitate the dissolution of the syndicate. They had been unable to finalise a sale over a protracted period with interest from a number of parties never moving to consummation.
Jones Lang LaSalle’s Hotels & Hospitality Group were appointed to offer the asset for sale in a national expression of interest process leveraging our under-bidders from similar hotel and development asset sales in other commodity-driven regional locations nationally. The objective was for the asset to draw interest from diverse prospective targets including the equity markets, hoteliers and developers, to create the necessary competitive tension to bring the transaction to completion.
 
The process generated five offers representing varied purchaser profiles and resulted in a completed transaction in a 120 day period at the price of $19.5 million. This was achieved at a time when there was substantial press around the uncertainty of commodity driven economies and resource prices around the world, particularly relevant for investment centres like Karratha.
 
Client testimonial:
 
“In what was a challenging mandate with regards to vendor syndicate issues and asset stigmas, Jones Lang LaSalle’s performance was exemplary and we were most satisfied with the final outcome.”

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